The steps involved in buying a property

Could this property be “the one”? Here’s an overview of the steps involved in becoming the owner. These steps and the legal implications remain the same whether the property is purchased from an individual or through a broker.

1

Financing

One of the first things to do when looking for a property is to get a mortgage preapproval from a financial institution. The goal is to determine borrowing capacity, and as a result, the price range to be looking in.

2

Offer to purchase

The property suits the budget and needs? Time to submit an offer to purchase! This document sets out the price, the elements included in the sale, the possession date, the conditions of purchase and all other information relevant to the sale.

The offer to purchase generally includes conditions. The most common are the property passing an inspection, the buyer providing proof of financing and the buyer selling their own property. Once the listed conditions are met, the property is considered sold.

4

Property transfer

The last step is to see a notary, who is generally chosen by the buyer. This real estate professional drafts the deed of sale and ensures that the interests of all parties involved are respected.

Once the deed of sale is notarized, the new owner gets the keys to the home. All that’s left is to move in!

Available where technology permits. Specific hardware and/or software platforms may be required for certain services. For personal and residential purposes only. Visit cogeco.ca for details. Photos are for illustrative purposes only. A world of your very own® 1. Customers must meet the minimum system and equipment requirements to reach the advertised speeds. The UltraFibre 1Gig Unlimited package delivers up to 1 Gbps download speed to the home (broadband). Customers will obtain up to 1 Gbps of total download speed through the combination of multiple devices including at least one wired connection (Ethernet) combined with one or multiple wireless connection to Cogeco’s 1 Gig modem. Up to 940 Mbps download speed can be achieved when connecting to one personal Internet device with one wired connection (Ethernet). This package may include the rental of an Advanced AC Wi-Fi router, a Modem or Gateway and up to 2 AC Wi-Fi extenders at no additional charge. Each additional AC Wi-Fi extender is available at a regular price of $4.95/month. 2. In 2019, F-Secure Internet Security was the recipient of the award for “Best protection in the World” by AV-TEST, an independent corporation, within the general public category for their F-Secure Internet Security 2018 service. Cogeco Security and Cogeco Security GO services are powered by F-Secure Internet Security. Visit av-test.org for details.